Industrial policy is an important means of our government’s macroeconomic regulation and control.Since 2015,the relevant policies of the state on industrial development have been continuously introduced in various forms,such as planning,opinion and outline,which are far more intensive than before,and involve agriculture,energy,manufacturing,Internet,trade,life service,style and other fields.It is not difficult to foresee that in the period of "13th Five-Year",China’s industrial policy will have great influence on the national macro economy,the development of industry and micro enterprises.In the course of the implementation of industrial policy,although a large number of enterprises have emerged with the help of industrial policies to achieve successful structural upgrading and success in the market,it is also necessary to see that the traditional industries,such as steel,coal and cement,havedifficulty in eliminating the backward production capacity and low speed in the upgrading of the structure.Many emerging industries,such as manufacturing of wind power equipment and photovoltaic,have also been overcapacity.There are continuing disputes in the theoretical and practical circles on the necessity and effectiveness of industrial policy formulation and implementation.In August 2016,two famous economists in China,Yifu Lin and Zhang Weiying,discussed on the issue of where the industrial policy went from.It also triggered a discussion on the issue in the theoretical and practical circles.Some scholars believe that the government has retained great interference with the microeconomy through industrial policy.China’s industrial policy has been characterized by strong intervention in the market.The direct intervention measures for the micro market are the most important means of industrial policy,including directory guidance,market access,projectreview and approval,and land trial.The policy measures that directly interfere with the market type,such as the administrative approval of the batch and the loan,and the compulsory cleaning up,are the main choice of the policy tools of China’s industrial policy.Risk-taking is an important factor to promote the performance and growth of the enterprise.At the same time,macroeconomic policy and its adjustment have important influence on the behavior and risk-taking of micro enterprises.From a microcosmic perspective,macro policy is an important background of the activities of microeconomic subjects.Policy changes will inevitably impact the operating environment of the microeconomic subjects,and change their risk cognition or risk tolerance,then affect the risk-taking behavior.Economic policy uncertainty may cause damage to the enterprise,but also contains the company’s future development opportunities.Enterprises can not only reduce the loss by avoiding the uncertainty of economic policy,but also strengthenthemselves by making use of the opportunity accompany with the uncertainty of the economic policy to develop themselves.There has been a lot of research on the effectiveness and economic consequences of the macro level of industrial policy,and some scholars have examined the path mechanism of industrial policy by influencing the behavior of a certain aspect of the enterprise(such as enterprise investment,R&D,innovation,financing and so on)and its consequences,which affect the performance and value of the enterprise.There are few literatures to comprehensively and systematically sort out the path of micro impact transmission of macro industrial policies.At the same time,the related research is mostly based on the comprehensive economic consequences of the enterprise risk-taking behavior(performance volatility)to describe and measure the risk-taking of the enterprise,and it is difficult to clarify the different reasons that lead to the overall risk-taking level,ability,and state of the enterprise,in addition,There are both differences and connections between the concepts of risk-taking level and risk-takingabilitywhich are involved in the enterprise risk undertaking study.The matching of risk-taking level and risk-takingability forms the different risk-takingcondition of the enterprise.In the existing risk-taking research literature,the vast majority of them do not specify and distinguish the concept of the dimension of risk-taking.Some scholars have conducted comprehensive and systematic investigation of risk-taking ability,while few scholars have studied the condition of risk-taking.Based on the background of the above system and the basis of the literature theory,this paper studies the following problems:firstly,this paper analyzes and defines different dimensions of the concept of risk-taking,such as risk-taking level,risk-takingability and risk-takingcondition,and constructs thetheoretical framework of macro industry policy to influence the enterprise value by affecting enterprise risk-taking level,ability and condition.Then,through the case study,it examines the mechanism of industrial policy on enterprise behavior(investment expansion,innovation R&D,production management,financing,etc.)as well as the corresponding level,ability and condition of risk-taking,at the same time,exploring the transfer path thatpolicy adjustment and change impactthe enterprise’s risk-takingcondition and lead to the fluctuation of the enterprise’s performance and value,confirms the previous theoretical framework.In addition,through empirical research,the risk-takinglevel,the risk-taking ability and the enterprise risk-taking conditionaccording to different levels show in enterprise investment expansion,innovation R&D,production and operation and financing are described and measured.Whether or not the risk-taking level,the risk-takingability and the risk-takingconditionreflected by the activities of the enterprise have the intermediary channel effect on the industrial policy impact and the enterprise value is assessed.The theoretical framework of "industrial policy,corporate risk-taking and enterprise value" is further verified.This paper constructs a theoretical model of industrial policy which affects the performance and value of the enterprise through the level,ability and state of enterprise risk,and probes into the transmission path of industrial policy affecting the performance and value of the enterprise.The main conclusions are as follows:First,industrial policy and its adjustment can change the level,ability and condition of the enterprise’s risk by affecting the decision-making behavior of the enterprise,which leads to the fluctuation of the enterprise’s performance and value.Case study found that,under the guidance of industrial policy,case enterprises make investment expansion,technology research and development,production and operation,financing and other behavior decisions.The consequences will change the risk-taking level and risk-takingability of the case enterprise,and make the case enterprise in different risk-takingcondition.At the same time,the risk-takingcondition of different enterprises is different,so that in the face of the external impact caused by the adjustment of industrial policy,the enterprise performance and value will change varing in size When the case enterprise is in the "risk-taking state 1"(the risk-taking ability is strong,the risk-taking level is low),its performance and value are likely to increase.If the case enterprise is in the"risk-taking state 4"(the risk-takingability is weak,the risk-taking level is high),its performance and value are likely to decline.Second,industrial policies affect the level of risk-taking by influencing the activities of enterprises,and then affect the value of enterprises.The empirical study shows that industrial policy changes the risk-taking level and promotes enterprise value by promoting enterprise investment and expansion(growth of asset scale),innovation,R&D(increasing R&D input)and production and operation(accelerating inventory consumption).Through promoting enterprise production and management(increasing in the proportion of receivable assets)and debt financing(increasing in financial risk,bankruptcy risk),industrial policy raise the risk-taking level,and then reduce the value of the enterprise.Under the influence of industrial policy,the overall risk-taking level reflected by various activitiesincluding investment,research and development,production and operation and financing is the intermediary variable between the industrial policy and the enterprise value,and the industrial policy promotes the overall risk-taking level of the enterprise,thus reducing the enterprise value.Third,industrial policies affect the risk-takingability of enterprises by influencing their various behavioral activities,and then have an impact on the value of enterprises.The empirical study found that industrial policy has a negative impact on enterprise value by weakening enterprise product competitiveness and eroding enterprise financial flexibility;under the influence of industrial policy,the enterprise’s overall risk-takingability formed by various activities(including the overall risk-taking capacity of the enterprises in various activities complex)is the intermediary variable between industrial policy and enterprise value,and industrial policy reduces the enterprise’s overall risk-takingability and has a negative impact on the enterprise value.Fourth,industrial policies affect the value of enterprises by changing the condition of risk-taking.The empirical study finds that the industrial policy has a negative impact on the enterprise value by reducing the risk-takingcondition of the enterprise,and under the influence of industrial policy,the risk-takingcondition of the enterprise through its overall risk-taking level and the overall risk-takingability is the intermediary variable between the industrial policy and the enterprise value.Industry policy weakens the condition of corporate risk-taking and adversely affects corporate value.The innovation and main contributions of this paper are reflected in the following aspects:First,the existing literature is mostly based on the comprehensive economic consequences of enterprise risk-taking behavior(performance volatility)to describe and measure the risk-taking level of the enterprise.Few scholars have made a comprehensive and systematic investigation on the risk-takingability of the enterprise,and few scholars have studied the risk-takingcondition of the enterprise.Firstly,the changes of risk-taking level and risk-takingability of enterprises are attributed to the behavior activities of enterprises(investment,R&D,production and management,financing).Starting with the matching of enterprise risk-takingability and enterprise risk-taking level,this paper describes and measures the risk-takingcondition of the enterprise and assumes the existing risk.Compared with the literature,it has a certain breakthrough in the theoretical framework,further enriching the research perspective of enterprise risk-taking.Second.The existing literature has made a great deal of research on "the impact of industrial policy on enterprise performance,value","industrial policy impact on enterprise risk-taking",and "enterprise risk-taking the impact of enterprise performance and value".The delivery path is inspected.This paper studies the above problems by using typical cases and empirical samples to verify the intermediary effect of enterprise risk-taking dimensions on the impact of industrial policy and the change of enterprise performance value,and further clarifies the impact mechanism of industrial policy on enterprise performance and value.Third.The existing literature has made a great deal of research on the effectiveness and economic consequences of macro industrial policy,and some scholars have examined the path mechanism of industrial policy by influencing the behavior of a certain aspect of the enterprise(such as enterprise investment,R&D innovation,financing and so on)and its consequences,which affect the performance and value of the enterprise.However,there are few literature to study on the microcosmic impact of macro industrial policy in a comprehensive and systematic way.Based on the perspective of enterprise risk-taking level,ability and condition,this study examines the micro impact path of industrial policy on enterprise value from the aspects of enterprise investment,R&D,production and operation and financing.In the case study,the motives,consequences and differences of enterprise behavior under the influence of industrial policy are analyzed in detail,and the research category of "macroeconomic policy and micro enterprise behavior" is further expanded. |